India, the world’s second-biggest producer of rice, may scrap a ban on overseas shipments after a record harvest increased stockpiles, a government official said.
India, the world’s second-biggest rice producer, should scrap a ban on most overseas shipments of the grain to allow sales of at least 3 million tonnes this year after a record crop boosted stockpiles, an exporters’ group said.
Indian basmati rice exporters have expressed dismay over the inordinate delay in the government notifying its decision to abolish export duty on basmati and cut its minimum export price (MEP), leading to nearly 60,000 tonnes of the aromatic rice shipments getting stranded at Indian ports.
The export ban on rice and other foodgrains is most likely to stay till the end of November and the review will be made only after the arrival of the new crop.
“Till the new crop comes,
The government is likely to notify Pusa 1121 rice variety, which is the world's longest grain, as basmati, as a ban on shipment of non-basmati rice prevents its sale abroad.
Saudi rice importers have threatened lawsuits against Indian exporters for default on commitments and have started negotiating with Pakistan and Thailand for their requirements.
Exporters are likely to pass on the levy burden to growers.
Basmati paddy farmers' dream of a better realisation is likely to take a hard knock following a levy on exports of the rice, a premium foodgrain enjoying a 53 per cent global market share.
The domestic agricultural supply side infrastructure needs to be strengthened to tide over the rising prices of food items and limited results of the governments inflation control measures, according
The government is likely to increase the minimum export price of non-basmati rice to $600-$650 a tonne from $500 a tonne to improve domestic supplies and discourage exports, according to Vijay Setia,
As Pakistan reportedly plans to take legal action against India over a dispute on the patenting of Super Basmati rice, rice exporters of both the countries will meet in New Delhi on July 18 to discuss
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